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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor. Retention can be withheld on residential or commercial projects and on both public and private projects.

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Subbies left unpaid by developer Empire Property Concepts

Construction Enquirer

Doncaster based residential developer Empire Property Concepts Ltd went into administration owing suppliers and subcontractors more than £500,000. Empire Property Concepts Ltd changed its name to MCIOD Limited days before Metro Bank called in the administrators. .”

Banking 100
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Ringleaders jailed after £5m construction tax fraud

Construction Enquirer

The case was based on more than 260 hours of secretly recorded footage of gang members plotting the fraud from the Belfast accountancy firm Allen Tully & Co where Devlin was a partner and the wider gang used as a base. They created 16 bogus companies and used 56 associated bank accounts to commit the fraud.

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Single Women Continue to Outpace Men in the Race to Homeownership

Pro Builder

A 2022 Bank of America survey revealed that 65% of single female prospective homebuyers said they’d rather not wait for marriage to buy a home, and 30% of women respondents bought their homes when they were single.

Banking 52
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#130:  Secured Lenders' Rights to Construction Contract Payments

NH Construction Law

Can the recipient of the notice – in legal parlance, an “account debtor” – ignore the lender’s demand and continue to pay his contractor or subcontractor? Reading Cooperative Bank v. Any subsequent square-up was between lender and borrower, and not the account debtor’s concern.

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Single Female Buyers Are Forging Through Record Price Increases

Pro Builder

Single women account for 20% of first-time homebuyers nationwide compared to just 11% of single men, and even sky high home prices in metros like Denver aren’t stopping them from making new home purchases. Financially independent female buyers seem undeterred by rising home prices in metros like Denver. New-Home Sales.

Denver 52
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Xero Accounting To QuickBooks Conversion For Construction Companies

Contractor Bookkeeping

Is Xero Accounting Online Not Working For Your Construction Company? Xero Accounting Online is a great program for small contractors but it may not the power to do what you need it to do. Do you own a general construction company that specializes in residential remodeling or a commercial tenant improvement construction company?